Latest News


Debt Collection, Setting Aside Pre-Liquidation Transactions and Safe Harbour

17 December 2018

Debt collection – An integrated part of the Sales Cycle There is little point making a sale if you can’t collect the sales proceeds, and therefore it is vital to have an effective credit management methodology that permeates through all phases of the sales cycle. This methodology extends through new client acquisition, ongoing client relationship m...

Read more

1-Year Bankruptcy, Why Businesses Fail, Negotiating Payment Plans and Phoenix Law Reform

11 September 2018

One Year Bankruptcy The Bankruptcy Amendment (Enterprise Incentives) Bill 2017 came before the Senate in late August 2018 and the legislation is now a step closer to becoming effective law. Amongst many things contained in the Bill, some highlights are to: provide for an automatic discharge after one year of bankruptcy, and related transitional ar...

Read more

Announcement of Two Key Promotions

2 July 2018

Announcement of Two Key Promotions The Directors of Heard Phillips are delighted to announce the promotion of Alberto Comin to Associate Director and Chris Moody to Manager effective from 1 July.  Alberto’s promotion is in recognition of his outstanding leadership and technical understanding of insolvency and restructuring issues. Over the past 12 ...

Read more

NOCLAR, Single Touch Payroll, Illegal Phoenixes, Contracts and Super Amnesty

29 June 2018

NOCLAR and the Insolvency Practitioner NOCLAR is the widely used abbreviation referring to non-compliance with laws and regulations. The International Ethics Standards Board for Accountants (IESBA) has released an amending standard to the Code of Ethics for Professional Accountants to redefine the accountants’ role when laws or regulations are brok...

Read more

Government Getting Serious on Super, Good News Stories and Restructuring

6 April 2018

Government Getting Serious on Super “It is not acceptable for people not to be paid their superannuation entitlements.” The above is a quote from the January 2018 media release of the Honourable Kelly O’Dwyer MP as she introduced draft legislation intended to create severe penalties for the failure to pay employee superannuation on time. The legisl...

Read more

AskInsolvency – A simple insolvency self-assessment toolkit

20 February 2018

PS 3

AskInsolvency is a simple self-assessment toolkit for directors who are worried about whether their ...

Read more

New Safe Harbour, Early Detection of Insolvency and PPSR for Trading Trusts

11 December 2017

Safe Harbour … what does it mean? In our newsletter last quarter, we introduced the concept of safe harbour and what it was aimed to achieve. The legislation giving effect to safe harbour has now been introduced as Section 588GA of the Corporations Act 2001 (“Act”). From discussions we have had with accountants and other advisors following the intr...

Read more

Safe Harbour Reforms and Goverment Pheonix Crackdown

27 September 2017

Genuine restructuring efforts to be rewarded by Safe Harbour Reforms – A new era in restructuring In September 2017 legislation passed through Parliament that is designed to give Australian companies a better fighting chance at avoiding insolvency and formal external administration by offering directors some relief from the harsh insolvent trading ...

Read more

Restructuring Law Reform, ATO Debt and your Credit Rating, Public Examinations and AskInsolvency

30 June 2017

Valuable restructuring law reform being considered On 28 March 2017, the Australian Government released an exposure draft of legislation dealing with two key areas of insolvency and restructuring law reform. The legislation may come into effect by early next year. First, the proposed legislation provides directors of a company with a safe harbour f...

Read more

Unfair Peferences, When to Cease Trading, Retail Woes and PPSR Timing Issues

30 March 2017

Unfair Preferences and Insolvency Most readers will be aware of the corporate insolvency focus of our practice but we are increasingly being engaged for our expert accountant skills in litigation and commercial matters. Our unique perspective of unfair preference and other voidable transaction claims, and of insolvency generally, gives us the abili...

Read more

Advice with no catches, director liability for employees, security for payment, PPSR timing and managing Christmas cashflow

5 December 2016

Advice that costs you nothing We are regularly in discussions with businesses and advisers to businesses about options and issues for directors to consider when their businesses are struggling with cash flow and are under pressure from creditors. The regularity of our involvement in these discussions and the broadness of industries that we consider...

Read more

Director Penalty Notices, Restucture, A Liquidator's Reach and the FEG Scheme

1 September 2016

Director Penalty Notice Alert Most readers will be familiar with the Director Penalty Notice (“DPN”) regime enforced by the ATO, however we are seeing an increased number of DPN’s issued after a company has entered external administration that are catching directors by surprise. The ATO comment on their web site that … “we are likely to issue a dir...

Read more

Employee Entitlements, Trustee Companies, Special Purpose Liquidators and Restructuring

1 June 2016

Employee Entitlements For in excess of 10 years, employees have had the benefit of recourse to a Government safety net to ensure the payment of employee entitlements in the event of the insolvency of their employer. Over the years the scheme, now known as Fair Entitlements Guarantee (“FEG”), has been amended and modified. From July 2016 there are f...

Read more

Director duties, Terminating a Winding Up, Corporate Structuring and How Long is Too Long?

24 March 2016

Guidance on director duties and insolvent trading The Federal Court in the case of Smith v Boné, in the matter of ACN 002 864 002 Pty Ltd (in liq) [2015] FCA 319 has provided some fresh judicial guidance on what can be considered the proper exercise of director duties as companies approach the point of insolvency. The facts of this case are typical...

Read more

Company Rehabilitation, Overdrawn Director Loan Accounts, Restructuring for SME and Terminating a DOCA

4 December 2015

Insolvency laws should encourage rehabilitation Readers of our Client Update will likely be familiar with the press articles written over the past few years concerning enquiries into the conduct of certain liquidators, the effectiveness of the Australian insolvency regime and most recently, the parliamentary enquiry into the impairment of customer ...

Read more